Page 98 - ETIHAD CREDIT INSURANCE PR REPORT - MAY 2024

6/4/24, 4:04 PM PRESSR: Etihad Credit Insurance records 21-fold growth in gross exposure by end of 2023 to reach AED 9.6bln in 5 years — Tradi…
provided to financial institutions over the past five years. It also stated that ECI

secured AA- international rating by Fitch for the fifth consecutive year,
reflecting on the company’s ability to mitigate potential risks and reiterating its

strong presence in global markets.

Furthermore, the report stated that ECI has given a credit cover of AED 4.7

billion to UAE’s industrial sector, a key contributor to non-oil exports, with AED

1.4 billion committed in 2023 alone, enabling manufacturers’ exports

achievement and in line with the company’s partnership with the Ministry of
Industry and Advanced Technology (MoIAT).

It further highlighted ECI’s projects that aims to support economic development
and improve the quality of living, including credit insurance commitment of USD

500 million to boost Africa’s clean energy transition as part of the UAE’s USD 4.5

billion Africa Green Investment initiative, announced during the Africa Climate

Summit held in September 2023. The report underscored ECI’s strong track

record of managing claims and recoveries across its portfolio. The company
supported clients with management of late payments worth AED 415 million, of

which AED 353 million or 83 per cent were successfully recovered, it added.

It stated that ECI-backed trade finance lending crossing AED 1 billion in the first

year of a partnership with DP World Trade Finance. The partnership aims to

broaden SME access to trade finance by mitigating the potential risks and

covered industries including agricultural commodities, chemicals,

manufacturing, and construction material.

The report also outlined ECI’s plans to leverage the UAE’s Comprehensive

Economic Partnership Agreements (CEPAs) to further enhance trade and
strengthen commercial relations. These efforts will be supported by ECI’s

expanding information database, which grants access to over 300 million

corporates globally, empowering UAE-based exporters with valuable insights and

intelligence.

https://www.tradingview.com/news/reuters.com,2024-05-22:newsml_ZawSqVrx:0-pressr-etihad-credit-insurance-records-21-fold-growth-in-gross-expo… 4/5